AN ACT relating to filing deeds in lieu of foreclosure in the county clerk's office.
Amend KRS 382.110, relating to the recording of deeds and instruments, to require a mortgage holder to file a deed in lieu of foreclosure with the county clerk within 30 days of the execution of the instrument's execution; amend KRS 382.990 to assess a penalty in the form of a violation of law for any mortgage holder who fails to file a deed in lieu of foreclosure pursuant to Section 1 of the Act; amend KRS 142.050, relating to the assessment of a transfer tax on property, to exempt filing deeds in lieu of foreclosure filed pursuant to Section 1 of this Act from the transfer tax.

HCS/LM - Retain original provisions of the bill, but specify that the mortgage holder's obligation is to file with the county clerk, rather than to have recorded the deed in lieu of foreclosure, and to allow 45 days rather than 30 days to do so.

(Prefiled by the sponsor(s).)

Jan 3-introduced in House; to Banking & Insurance (H)
Jan 20-posted in committee
Feb 1-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 2-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Monday, February 6, 2012
Feb 16-3rd reading, passed 97-0 with Committee Substitute
Feb 21-received in Senate
Feb 23-to Judiciary (S)
Mar 15-reported favorably, 1st reading, to Consent Calendar
Mar 16-2nd reading, to Rules
Mar 26-posted for passage in the Consent Orders of the Day for Monday, March 26, 2012; 3rd reading, passed 36-0
Mar 27-received in House; enrolled, signed by Speaker of the House
Mar 30-enrolled, signed by President of the Senate; delivered to Governor
Apr 11-signed by Governor (Acts ch. 44)